Friday, November 11, 2011

Hungary credit downgrade by S&P

From S&P
Republic of Hungary 'BBB-/A-3' Ratings Placed On Watch Negative Owing To The Unpredictable Policy Framework
Overview
In our opinion, the predictability of Hungary's policy framework continues to erode, weighing on the economy's medium-term growth prospects.
As a result, we are placing the 'BBB-/A-3' foreign and local currency sovereign credit ratings on Hungary on CreditWatch with negative implications.
We are also placing the 'BBB-' long-term counterparty credit rating on the National Bank of Hungary on CreditWatch with negative implications.